SENATE, No. 14

A message from His Excellency the Governor returning (pursuant to Article LVI of the Constitution of the Commonwealth, as amended by Article XC, Section 3 of the Amendments to the Constitution) the engrossed Bill relating to the railroad depot contamination remediation and redevelopment project in the city of New Bedford (Senate, No. 7 ), with recommendation of amendment (having been received in the Office of the Clerk of the Senate on Thursday, February 8, 2007 at twenty-seven minutes before five o'clock P.M.).

The Commonwealth of Massachusetts

Seal of the Commonwealth of Massachusetts

In the Year Two Thousand and Seven.

                                                          February 9, 2007

To the Honorable Senate and House of Representatives:

          Pursuant to Article LVI, as amended by Article XC, Section 3 of the Amendments to the Constitution of the Commonwealth of Massachusetts, I am returning to you for amendment Senate Bill No. 7, “An Act Relating To The Railroad Depot Contamination Remediation And Redevelopment Project In The City Of New Bedford.”

As enacted, this bill authorizes the city of New Bedford to issue qualified bonds or notes under M.G.L. c. 44A without the need for approval by the municipal finance oversight board. Allowing issuance of qualified debt without the approval of the municipal finance oversight board would undermine the board’s role in investigating and approving a local government’s issuance of qualified debt which is essential to protecting the fiscal health of both the Commonwealth and local governments.

 I therefore recommend that Senate Bill No. 7 be amended by striking out, in the second sentence of Section 2, the phrase “without the need for approval by the municipal finance oversight board”.

                                                          Respectfully submitted,

 

Deval Patrick
Governor